StuCred is a fintech platform designed to provide instant credit solutions to students. Specialising in offering short-term loans, StuCred helps students meet their financial needs for education-related expenses, such as tuition fees, study materials, and other academic costs. The platform offers flexible repayment options and competitive interest rates, making education financing more accessible. By leveraging technology, StuCred ensures a seamless, quick, and hassle-free loan application process, enabling students to focus on their studies without financial stress. With a strong focus on financial inclusion, StuCred aims to empower students by providing them with the necessary financial tools to achieve their academic and career goals.

You can easily pay off your StuCred loan on the Bajaj Finserv platform using the Bajaj Pay UPI payment option. Use the platform for a safe, secure, and hassle-free payment experience.

Overview of StuCred loan settlement

The loan settlement process by StuCred is designed to assist borrowers who cannot meet their repayment obligations. This initiative allows borrowers to clear their outstanding loans by paying a negotiated amount, usually less than the original balance. Loan settlement helps borrowers resolve their financial challenges effectively while ensuring a hassle-free resolution of dues. To explore loan repayment options customers can take help of third-party platforms such as Bajaj Finserv with Easy payment options through features like Bajaj Pay.

Process for StuCred loan settlement

Borrowers can follow these steps to complete the loan settlement process with StuCred :

• Contact StuCred : Borrowers need to contact the lender through its customer support channels or visit a branch to initiate the settlement process.
• Explain the situation: Provide details about the financial difficulties that prevent full loan repayment.
• Submit required documents: Share the necessary documents, such as proof of income and loan account details, to support your claim.
• Loan evaluation: StuCred evaluates the borrower’s financial condition and loan details to determine eligibility for settlement.
• Receive settlement offer: Based on the evaluation, the lender proposes a reduced repayment amount as part of the settlement.
• Agree to terms: Once the borrower agrees, the settlement agreement is finalised.
• Make the payment: Pay the negotiated amount within the agreed timeframe to close the loan account.
• Obtain clearance certificate: After payment, StuCred issues a clearance certificate, confirming the closure of the loan.

Benefits of settling loans with StuCred

Here are the key benefits of settling your existing loans:

• Reduced financial burden: Borrowers can settle their loans by paying less than the total outstanding balance.
• Quick resolution: The loan settlement process ensures a timely resolution of outstanding debts.
• Avoidance of legal complications: Settling the loan prevents potential legal actions and associated stress.
• Improved financial stability: Borrowers can clear their debts and focus on rebuilding their finances.
• Preservation of borrower-lender relationship: An amicable settlement ensures continued goodwill between the borrower and StuCred.

Tips for a successful StuCred loan settlement

Essential tips that will help you settle your loans with ease:

• Be proactive: Contact the lender as soon as financial challenges arise.
• Provide accurate information: Share truthful and comprehensive details about your financial situation.
• Understand the agreement: Read the settlement terms carefully before agreeing.
• Negotiate wisely: Aim for a settlement amount that aligns with your current financial capacity.
• Complete payments on time: Adhere to the agreed repayment schedule to ensure a smooth settlement.

Eligibility criteria for StuCred loan settlement

Borrowers must meet the following criteria to be eligible for a loan settlement with StuCred :

• Demonstrated financial hardship: Provide evidence of genuine financial challenges preventing full repayment.
• Overdue loan account: Loan settlement is typically available for accounts with overdue payments or defaults.
• Document submission: Borrowers must submit necessary documents, such as proof of income and loan account details.
• Mutual agreement: Both the borrower and StuCred must agree to the settlement terms.

How to make loan repayment through the Bajaj Finserv website

To make your loan repayment on the Bajaj Finserv website, follow these steps:

1. Visit the Bajaj Finserv website

2. Navigate to the ‘PAYMENTS’ tab and click on ‘PAY NOW’ under ‘LOAN REPAYMENT’

3. Select your loan provider from the dropdown list

4. Input your loan number and click ‘PROCEED’

5. Choose your preferred payment method like credit card, debit card, Bajaj Pay UPI, or net banking

6. Fill in the required payment details

7. Review all details and click ‘PAY NOW’ to complete the transaction

You will receive a confirmation notification after successful payment.

Fees and charges

A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (including applicable taxes). For more information on fees and charges, click here.

Note: For failed transactions, the total amount, including charges except taxes, is reversed.